Russia’s gold miner Polyus Gold International said on Friday it had agreed to extend for the second time the payment deadline in a planned deal in which Kazakhstan’s AltynGroup would acquire some of Polyus’ production assets in Kazakhstan.

In April, Polyus and AltynGroup reached an agreement on the sale of production assets formerly held by KazakhGold, a Kazakh gold producer earlier acquired by Polyus, in which the Russian gold miner agreed to sell the assets for $509 million.

Prior to the agreement, the two sides were engaged in a long dispute following Polyus’ acquisition of KazakhGold in 2009 which had been controlled by AltynGroup’s largest shareholders, the Assaubayev family.

Under the deal reached in April, the Assaubayevs agreed to buy controlling stakes in KazakhGold’s producing companies for $260 million payable by September 12 and then acquire the remaining stakes for $249 million by the end of 2012.

Astana Finance to sell banking subsidiary
(SRI) – Astana Finance, a large Kazakh financial services company which had defaulted on its debt in 2009, said on Tuesday it plans to sell its commercial banking subsidiary, Bank Astana Finance.

Kazzinc commissions new copper smelter in Kazakhstan
(SRI) – Kazzinc, a subsidiary of Swiss commodity trader Glencore International, said on Tuesday it has commissioned a new copper smelter in Kazakhstan and will complete the construction of a new lead smelter at the site in the first half of 2012.

Kazakhstan’s central bank to retake regulatory powers
(bne) – After a seven-year flirtation with an independent regulator, the National Bank of Kazakhstan is to take back control of the regulation of the country’s financial services sector. A tougher line is envisaged.

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Kazakhstan Chamber of Commerce in USA is located in New York. KazCham is an independent chamber associated with state agencies and businesses in Kazakhstan with the aim to provide members with current information on the political and investment climate, assist them in establishing government and business contacts, conduct searches of buyers and partners, organize forums and seminars, PR campaigns. Contact us at info@kazcham.com or follow on twitter.com @kazcham.